Deals

Remote meetings firm LoopUp has today announced the acquisition of conferencing services provider MeetingZone from GMT Communications Partners.The deal, which is worth around £61.4m, constitutes a reverse takeover, and so is still subject to share holder approval. Money for the acquisition was raised through a £17m loan on top of £50m in cash through 12.5m shares at 400p each. LoopUp’s directors said the acquisition would allow the new group to pursue its strategy of transferring MeetingZone’s audio conferencing business over to the LoopUp product platform

Around 60% of suppliers to the UK’s event industry are facing collapse within three months unless event businesses receive further support from the government. Of those businesses, 6% said they are unlikely to make it to the end of April.